Cadiz (NASDAQ:CDZI) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Cadiz (NASDAQ:CDZI) announced its earnings results on Thursday. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02), FiscalAI reports. The business had revenue of $1.63 million for the quarter, compared to analysts’ expectations of $4.56 million. Cadiz had a negative net margin of 221.43% and a negative return on equity of 115.06%.

Cadiz Trading Down 11.2%

CDZI stock traded down $0.52 during mid-day trading on Friday, reaching $4.12. The company had a trading volume of 1,999,325 shares, compared to its average volume of 858,529. The company has a debt-to-equity ratio of 4.33, a current ratio of 1.22 and a quick ratio of 1.13. The company has a market capitalization of $344.84 million, a PE ratio of -8.96 and a beta of 1.79. The firm has a 50 day moving average of $4.86 and a 200 day moving average of $5.31. Cadiz has a 12 month low of $2.58 and a 12 month high of $6.96.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CDZI. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cadiz in a report on Monday, April 20th. Maxim Group began coverage on shares of Cadiz in a report on Monday, February 2nd. They set a “buy” rating and a $10.00 price target on the stock. Zacks Research downgraded shares of Cadiz from a “hold” rating to a “strong sell” rating in a report on Monday, April 6th. Finally, Wall Street Zen downgraded shares of Cadiz from a “sell” rating to a “strong sell” rating in a report on Saturday, April 11th. One investment analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Cadiz currently has a consensus rating of “Reduce” and a consensus price target of $10.00.

Hedge Funds Weigh In On Cadiz

Hedge funds have recently added to or reduced their stakes in the stock. Quarry LP bought a new position in Cadiz in the 3rd quarter worth about $40,000. LPL Financial LLC purchased a new position in Cadiz during the 4th quarter valued at about $56,000. Virtu Financial LLC purchased a new position in Cadiz during the 4th quarter valued at about $57,000. BNP Paribas Financial Markets increased its position in Cadiz by 115.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,062 shares of the company’s stock valued at $52,000 after purchasing an additional 5,935 shares during the period. Finally, Sherbrooke Park Advisers LLC purchased a new stake in shares of Cadiz in the 3rd quarter worth approximately $56,000. 79.75% of the stock is currently owned by institutional investors.

Cadiz Company Profile

Cadiz, Inc (NASDAQ: CDZI) is a Southern California–based water resource management company focused on developing and operating groundwater storage, recovery and conveyance projects. The company holds water rights and mineral rights on approximately 34,000 acres in the Mojave Desert and is chiefly known for advancing the Cadiz Water Project, a planned system to capture, store and distribute groundwater to urban and agricultural users in the region.

The company’s primary business activity centers on the development of infrastructure that enables sustainable groundwater banking.